Barrick Gold (NYSE:B) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of Barrick Gold (NYSE:B) (TSE:ABX) from a strong-buy rating to a buy rating in a research note released on Saturday.

Other equities research analysts have also recently issued research reports about the stock. Royal Bank of Canada increased their price target on shares of Barrick Gold from $23.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 4th. Raymond James increased their price target on shares of Barrick Gold from $23.00 to $23.50 and gave the stock an “outperform” rating in a research report on Monday, March 31st. National Bank Financial upgraded shares of Barrick Gold to a “hold” rating in a research report on Friday, March 21st. Stifel Canada upgraded shares of Barrick Gold to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, Citigroup decreased their price objective on shares of Barrick Gold from $21.00 to $17.00 and set a “neutral” rating on the stock in a research report on Monday, March 31st. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.05.

Barrick Gold Price Performance

Shares of B opened at $21.41 on Friday. The stock has a market cap of $36.70 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 0.44 and a beta of 0.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.15 and a current ratio of 2.89. Barrick Gold has a fifty-two week low of $17.41 and a fifty-two week high of $47.50. The firm’s 50-day simple moving average is $19.39 and its two-hundred day simple moving average is $18.00.

Barrick Gold (NYSE:B) (TSE:ABX) last posted its quarterly earnings results on Wednesday, May 7th. The gold and copper producer reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Barrick Gold had a net margin of 16.59% and a return on equity of 6.76%. The firm had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter in the prior year, the company posted $0.19 earnings per share. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. Analysts anticipate that Barrick Gold will post 1.47 earnings per share for the current fiscal year.

Barrick Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.40 annualized dividend and a dividend yield of 1.87%. Barrick Gold’s dividend payout ratio is currently 30.08%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its position in Barrick Gold by 15.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,012,319 shares of the gold and copper producer’s stock worth $16,036,000 after purchasing an additional 135,760 shares during the last quarter. Bogart Wealth LLC boosted its holdings in shares of Barrick Gold by 31.8% in the 4th quarter. Bogart Wealth LLC now owns 8,378 shares of the gold and copper producer’s stock valued at $130,000 after acquiring an additional 2,023 shares during the last quarter. Principal Securities Inc. boosted its holdings in shares of Barrick Gold by 119.4% in the 4th quarter. Principal Securities Inc. now owns 4,848 shares of the gold and copper producer’s stock valued at $75,000 after acquiring an additional 2,638 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Barrick Gold by 1,864.2% in the 4th quarter. Allworth Financial LP now owns 21,174 shares of the gold and copper producer’s stock valued at $334,000 after acquiring an additional 20,096 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC purchased a new stake in shares of Barrick Gold in the 4th quarter valued at $165,000. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Barrick Gold Company Profile

Barrick Gold Corporation is a sector-leading gold and copper producer.  Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX.
 
In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick.